The conventional renovation workhorse

HomeStyle is conventional: no upfront mortgage insurance premium, PMI that cancels at 20% equity, more property types (second homes, investment), and more project flexibility (luxury items allowed). FHA 203(k) wins on credit flexibility and can be the better fit for scores under roughly 680. Ashland runs both scenarios so you see the real numbers.

Renovation costs are generally capped at 75% of the lesser of the purchase price plus renovation costs, or the as-completed appraised value. On a $400,000 purchase, that can mean well over $100,000 of financed renovation depending on the appraisal.

Limited DIY is possible on a primary residence if you can prove you're qualified, but labor can't be financed — only materials — and lenders vary on allowing it. For most buyers, a licensed contractor keeps the loan simpler and the timeline enforceable.

Yes — a limited cash-out refinance version funds renovation on the home you already own, based on its future as-completed value. That's often the play when you love your location but have outgrown your kitchen.